BUSINESS
NCLAT upholds CCI ruling, directs Amazon to pay Rs 200 cr penalty
The e-commerce giant Amazon had approached the NCLAT to challenge the CCI's December 2021 decision. In the December 17, 2021 order, the regulator had said an approval granted to Amazon to acquire a 49 per cent stake in Future Coupons would stand in abeyance, as the firm suppressed information while seeking the clearance.
Reliance Infra to receive Rs 595 Cr. From DVC by July end
Pursuant to an order passed by the Supreme Court on May 31, Chairman, DVC has furnished an undertaking on June 6, 2022 stating that DVC will comply with the direction to deposit a sum of Rs 595 crore in cash and Rs 303 crore by way of Bank Guarantee within July 31. The directions for furnishing an undertaking have been issued to safeguard the interest of Reliance Infra whilst granting extension of time to DVC.
Myntra sells record-breaking 50 lakh products on Day 1 of EORS-16
India shopped a record-breaking 50 lakh products in the first 24 hours of Myntra's EORS sale that is being held from June 11-16. On Day One, 2.6 million items were shipped within the first 24 hours of the event. "The upwardly-mobile fashion-forward consumers have once again welcomed EORS with a hearty opening, purchasing ~50 lakh products within the first 24 hours to cater to their fashion and beauty needs," said Nandita Sinha, CEO, Myntra.
Indices tumble in opening session as high inflation in US trigger selloff
With Monday's slump, the indices declined for six out of seven sessions. At 9.42 a.m., Sensex was 2.7 per cent or 1,462 points down at 52,842 points, whereas Nifty 2.6 per cent or 419 points down at 15,782 points. Most other Asian stocks also declined on Monday.
WTO's 12th ministerial meeting opens in Geneva to tackle key issues
During the four-day meeting which started on Sunday, members of the trade organisation will hold discussions on such issues as TRIPS (Trade-Related Aspects of Intellectual Property Rights) waiver for Covid-19 vaccines, pandemic response, fishery subsidies, agriculture, food security, as well as the WTO's reform and its future work priorities. "No one country can solve these crises on its own, this is a time that you need the world to work together," Ngozi Okonjo said.
Companies to spend $158 bn on environmental, social sustainability
Organisations face mounting pressures to improve and document their ESG performance. Because the initial steps to a sustainable transformation can be daunting to firms that have not attempted anything similar in the past, sustainability-linked consulting spending has become a high priority, according to the IDC forecast. "In 2022, all enterprises are being pushed to transform and fundamentally change the way they do business to become sustainable enterprises,".
Global server market revenues to reach $112 bn in 2022
From an enterprise perspective, transformation to hybrid cloud and upgrades of existing infrastructure to handle increased workloads will provide growth impetus after a pause during the COVID-19 pandemic, says Counterpoint Research's 'Global Server Sales Tracker'. 5G, automotive, cloud gaming and high-performance computing will remain the key drivers for cloud service providers in data centre expansion.
Kohinoor Foods turns multibagger as shares rise 700% since April
Stock prices ranging in single digit are known as penny stocks, and they typically have high volatility associated with them. On the other hand, multibagger stocks are those whose share prices rise exponentially over a short period of time. Since April 6 when the ban on trading in the equity shares of Kohinoor Foods was revoked, the shares rose a little over 700 per cent to Rs 62 per share. In early April, the share price of the company was around Rs 8.
Nitin Spinners, multibagger stock of 2021, trading 40% off highs
At Friday's closing, the shares traded at Rs 215 per share. The company deals in textile and is one of the leading manufacturers of cotton and blended yarns, grey knitted fabrics and finished and printed woven fabrics. Notably, in 2021, the textile manufacturer was one of the multibaggers as the company's shares rose over 200 per cent cumulatively.
Binny Bansal sells Flipkart stake to Tencent as China hardens border position
The news about Bansal selling Flipkart stock to Tencent came at a time when US Secretary of Defense, Lloyd Austin, said on Saturday that China is hardening its positions along the Indian border. Addressing the Shangri-La Dialogue in Singapore, Austin said that China is taking aggressive and illegal approaches to the territories it claims in the South China Sea.
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